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Estate Planning for Same-Sex Couples in Illinois
The 2015 landmark ruling by the U.S. Supreme Court in Obergefell v. Hodges was a game-changer of epic proportions. All couples-regardless of gender or sexual orientation-were given the right to marry in all 50 states. As such, they were afforded the very same rights as all married couples, including tax breaks and exemptions, ownership equality, and legal mechanisms that ensure survivorship and guardianship rights.
But, more than five years later, many couples are still facing legal challenges. Some are the same challenges experienced by all married couples. Others are completely unique to LGBTQ relationships. Regardless, couples should plan accordingly with an estate plan that reflects their needs and wishes in the event of an unexpected health complication or death.
Rights Under the Marriage Equality Law
Just like all other married couples, same-sex couples may file their taxes jointly, receive the same tax exemptions, have access to survivorship benefits under all pensions, insurance, and retirement benefits, give tax-free gifts to one another, and have spousal priority and identity in the event of their partner’s incapacitation or death. These provisions are guaranteed at both the state and federal levels and cannot, under any circumstances outside of divorce, be revoked by any government agency.
How Can Divorce Mediation Help With the Division of Assets?
Many divorcing couples try to avoid the time, cost, and stress of a trial by pursuing an uncontested divorce, in which they come to an agreement on many important decisions. However, this can be easier said than done, and in many cases, it helps to seek the assistance of a qualified divorce mediator. Mediation can be especially beneficial when attempting to resolve the often complicated matter of dividing marital assets, property, and debts.
What Is the Role of an Illinois Divorce Mediator?
Unlike a divorce attorney, whose role is to represent the interests of one of the parties, a mediator remains neutral and seeks to guide negotiations between spouses to allow both perspectives to be heard, minimize conflict, and identify opportunities for agreement on the way to a finalized resolution. While there is usually some financial cost for divorce mediation, it is often lower than the expenses that the two parties may face if the divorce goes to trial.
How Does Establishing Paternity Help to Secure a Father’s Rights?
In many cases involving unwed parents, establishing legal paternity is important to ensure that the child has the financial support of both parents, and that the mother can rely on assistance from the father by way of regular child support payments. However, establishing paternity can also be crucial for unmarried fathers who wish to be part of their children’s lives, in that it helps them secure important father’s rights.
Benefits of Establishing Paternity for Unmarried Fathers in Illinois
If you are an unmarried father, taking the steps to establish legal paternity can ensure that you have parental rights that may come into play in several different legal situations. One such situation is a potential adoption proceeding involving the child. If you have been legally recognized as the child’s father, the adoption of the child by another party will usually require your consent in addition to that of the child’s mother. By withholding your consent, you may be able to prevent an unwanted adoption and ensure that you remain your child’s legal father.
Why You Still Need an Estate Plan, Even if You Do Not Have Children
Those with children often create an estate plan because there is this sense of responsibility-a need to ensure their children are cared for in the event of a premature death. In contrast, individuals that do not have children tend to overlook the importance of an estate plan, either because they assume they have time and do not feel the same sense of responsibility, or because they simply do not believe that one is necessary. Whatever the reason behind it, failing to create an estate plan can have devastating results.
Where Will Your Assets Go?
When you are married or have children, it is fairly easy to determine where your assets will go. If you fail to create a will and have children or a spouse, they are typically the default heirs for anything you have left behind, even if the matter has to be resolved in probate court. But, where do those assets go if you have no heirs? If you have not named a charity or individual to receive your assets, most often, your hard-earned money will end up going to the government.
How to Keep Your Children Out of Your Divorce Conflict
Psychological research shows that when children are exposed to high levels of conflict between their parents, they may suffer from many long-lasting effects, including an increased risk of anxiety and depression. When you are in the midst of a divorce, it can be hard to shield your children from conflict entirely, but the more that you are able to do so, the better the position your children will be in to cope with the divorce and recover from the emotional trauma that it brings.
Protecting Your Kids from the Negative Effects of Conflict
The following suggestions can help you mitigate the effects of conflict on your children both during and after the divorce process:
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Avoid arguing with the other parent in front of them. Heated verbal, and especially physical, arguments with your spouse are never productive, and they can be especially damaging when your children are present. Consider alternative means of communication like phone or email if you cannot stay calm during face-to-face interactions and if you do need to blow off steam, do it when your kids are not around.
Additional Issues You May Want to Address in Your Parenting Plan
If you are a parent who is planning to divorce in Illinois, you may already be thinking about how you and your spouse will share child-related responsibilities. As part of the divorce process, you will be asked to describe the allocation of parental responsibilities and parenting time in your "parenting plan" and submit this plan to the court. If the court approves of the plan, the plan becomes a part of the legally enforceable divorce decree. Illinois law lists the issues that must be addressed in a parenting plan, but these are only the minimum requirements. You and your child’s other parent have the option of including additional agreements in the plan as well.
Planning in Advance to Prevent Future Conflict
Most parents have different beliefs, ideas, and strategies when it comes to raising their children. These differences can develop into arguments and legal disputes after divorce. One of the best ways to prevent conflict regarding child custody issues is to create a detailed parenting plan describing each parent’s responsibilities and expectations. The more you agree upon during the creation of the parenting plan, the fewer issues you will need to sort out in the future.
Common Estate Planning Concerns for Single People
For married individuals, estate planning is typically pretty straightforward, as most assets are often allocated to a surviving spouse and/or children. However, statistics show that more people are opting for the single life with no children-either permanently or at least until later in life. This creates some important considerations when determining what to do with your savings and assets in the future.
Should You Wait to Create Your Estate Plan?
It can be tempting to wait to create your estate plan until you are married or older. However, it is important to consider the unexpected. Accidents, health conditions, and other unpredictable incidents can end your life suddenly or place you in a vulnerable medical situation. Because of this, every person over the age of 18 should create and execute appropriate estate documents, including a will, powers of attorney, and an advance medical directive such as a living will.
How to Maintain Your Mental Health During Your Illinois Divorce
For many people, a divorce is a time of heightened emotions, including sadness over the end of your marriage, anger at your spouse’s behavior, and fear surrounding what will happen next. It can also be a huge source of stress, as you face the prospect of making important decisions that can affect the rest of your life, and possibly going through a lengthy trial or negotiation process. During this difficult time, it is more important than ever that you focus on your mental health while letting an experienced attorney help you navigate the legal proceedings.
Strategies for Promoting Mental Health
It can be hard to put your mental health first with everything else competing for your attention during the divorce process, but here are some suggestions that might be beneficial:
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Know your limits. Divorce can be mentally exhausting, and trying to push yourself too far can lead you to a breaking point. It is okay to step away for a bit if the stress becomes overwhelming, or to ask for help when you need it.
Getting Through the Holiday Season: Tips for Divorcing Parents
If you are a parent who is recently separated or is planning to divorce, you probably have concerns about the upcoming holiday season. You may be especially concerned about how your children will deal with the holidays. Between COVID-19 concerns, remote learning at school, and your divorce, you may feel overwhelmed and unsure of how to make the best of the situation. Fortunately, there is a good deal of research about how to alleviate the stress caused by divorce and the holidays.
Make Detailed Holiday Co-Parenting Plans
Divorcing parents in Illinois must submit a “parenting plan” that describes how parental responsibilities and parenting time will be allocated to each parent. If the parents cannot agree on a parenting plan, the court may determine a suitable plan for them. If you have not yet filed for divorce, you may not have any formal parenting plans in place. In order to reduce the chances of conflict and confusion during the holidays, make a plan with your spouse ahead of time about how you will share custody. Include the days and times that the children will stay with each parent, how the children will be transported between homes, and other relevant information.
How to Account for Interest Rate Increases in Your Illinois Estate Plan
When you are setting up your Illinois estate plan, it is important to consider more than just the laws that exist today. It is also a good idea to plan accordingly for rising interest rates. Of course, it is impossible to predict the future. However, there are some wealth-transfer strategies that could minimize the impact of estate taxes while also offering some additional tax breaks to trustees later on down the road.
Using Intra Family Loans
Some families opt to provide an intra family loan to their adult children, or they may transfer a promising investment to pass down an inheritance. Paired with a promissory note that requires the adult child to pay interest, the net returns of these investments are a tax-free transfer of wealth.
When using this form of asset transfer in your estate plan, it is important to understand the rules and potential pitfalls. For example, interest rates must adhere to the minimum requirements (currently 0.14 percent to 1.47 percent depending on the term of the loan) and increases in interest rates would necessitate a higher rate of return to achieve profit. For some, this may make this form of transfer less desirable.
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